The Danish Financial Supervisory Authority (FSA) published its workplan for 2021-2023, which sets out the key work priority areas, including combating money laundering, access to customer data and open finance, regulation on cryptocurrencies, and use of artificial intelligence. Danish FSA also published the results of a study on management of climate-related financial risks for all non-life and life insurance companies and cross-border pension funds. The results highlight that companies generally have a strong desire to show social responsibility and contribute to sustainable change, along with focusing on climate change. Other key updates address designation of systemically important institutions, a recommendation on risk-free reference rate, and response to a consultation.
The following are the key highlights of these other regulatory updates:
- Danish FSA announced the list of designated systemically important financial institutions in Denmark, the Faroe Islands, and Greenland: Danske Bank A/S, Nykredit Realkredit A/S, Nordea Kredit Realkreditaktieselskab, Jyske Bank A/S, Sydbank A/S, DLR Kredit A/S, Spar Nord Bank A/S, and A/S Arbejdernes Landsbank. In the Faroese, systemically important financial institutions are P/F BankNordik and Betri Banki P/F. In Greenland, the Bank of Greenland is still designated as systemically important financial institutions.
- A working group set up by the Central Bank of Denmark (Danmarks Nationalbank) has recommended Denmark Short-Term Rate (DESTR) as the preferred risk-free reference rate in Danish kroner. Danish FSA welcomes this recommendation by the working group.
- The Central Bank of Denmark responded to the Danish FSA's consultation on guidance regarding the expectations for the banks and mortgage-credit institutions' coverage of the "NEP and debt buffer requirement." Danish FSA had published the consultation in June 2021.
Keywords: Europe, Denmark, Banking, Insurance, Climate Change Risk, ESG, DESTR, Interest Rate Benchmark, Risk Free Rate, Workplan, Benchmark Reforms, BRRD, Credit Risk, D-SIBs, Systemic Risk, Open Finance, Regtech, Central Bank of Denmark, Danish FSA
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